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All Journal Al-Kharaj: Journal of Islamic Economic and Business Jurnal Teknologi dan Manajemen Industri Terapan
Novitasari
Institut Rahmaniyah Sekayu, Indonesia
Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Industrial & Manufacturing Engineering

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The Effect of Gold Prices on The Composite Stock Price Index with Inflation as A Moderating Variable Marieska Lupikawaty; Novitasari; Angga Nugraha; Vidya Ramadhan Putra Pratama; Riris Lawitta
Jurnal Teknologi dan Manajemen Industri Terapan Vol. 4 No. 3 (2025): Jurnal Teknologi dan Manajemen Industri Terapan
Publisher : Yayasan Inovasi Kemajuan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55826/jtmit.v4i3.1603

Abstract

This study aims to analyze the influence of global gold price fluctuations on the Jakarta Composite Index (JCI), with inflation as a moderating variable. Using portfolio theory and the efficient market hypothesis, this study examines gold as a safe-haven asset and its relationship with the domestic capital market during periods of inflationary pressure. The data used are secondary time series data analyzed using the Moderate Regression Analysis (MRA) method. The results show that gold prices have a significant influence on JCI movements, but the strength of this relationship depends strongly on the inflation rate. Inflation is found to act as a moderating variable, strengthening the shift in investment from the stock market to gold when the currency's purchasing power declines. This research provides strategic implications for investors in diversifying their portfolios and for policymakers in maintaining the stability of the national financial market.
Determinants of Firm Value Based on Macro and Micro Dynamics: Inflation and Financial Performance as Moderating Variables Siti Aisyah; Johny Aninam; Mekar Meilisa Amalia; Neti Erlina; Novitasari
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i1.9416

Abstract

This study aims to analyze the influence of macroeconomic and microeconomic dynamics on firm value through a dual moderation model. Specifically, this study examines how macroeconomic variables (such as exchange rates and interest rates) affect firm value, with inflation as a moderating variable, and how microeconomic fundamental factors affect firm value, with financial performance as a moderating variable. Using a quantitative approach with the Structural Equation Modeling (SEM) method, this study integrates Signaling Theory and Arbitrage Pricing Theory to explain the phenomenon of capital market volatility. The analysis results indicate that inflation plays a crucial role in weakening the transmission of monetary stability to firm value, while solid financial performance has been shown to strengthen market appreciation of the issuer's intrinsic value. This study provides a theoretical contribution to the financial management literature regarding the interaction between systematic risk and firm-specific risk in determining shareholder value in emerging markets.
Co-Authors Angga Nugraha Johny Aninam Marieska Lupikawaty Mekar Meilisa Amalia Neti Erlina Riris Lawitta Siti Aisyah Vidya Ramadhan Putra Pratama